- ORIGINAL NEWS
Binance executive escapes Nigerian custody as authorities file new tax charges
- SUMMARY
Binance, a renowned cryptocurrency exchange, finds itself embroiled in legal disputes in Nigeria.
The Nigerian government has leveled fresh tax evasion charges against the company, including non-payment of taxes and aiding customers in evading taxes.
Two senior Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were initially detained by Nigerian authorities.
Gambaryan remains in custody, while Anjarwalla managed to escape from detention last weekend.
Nigeria accuses Binance of harming the country’s economy, prompting investigations into the flow of funds through the exchange and alleged speculation on the naira’s value through Binance’s peer-to-peer platform.
The government also alleges that $26 billion of untraceable funds have passed through Binance.
Additionally, authorities claim that traders were manipulating the naira’s exchange rate using stablecoins on the platform.
Binance has faced criticism from Nigeria before.
In July 2023, the Nigerian Securities and Exchange Commission warned citizens against engaging with the exchange.
The families of the detained executives have voiced their concerns, highlighting Gamaryan’s contributions to cryptocurrency security and their anguish over his absence.
Anjarwalla’s wife has appealed for both Nigerian and international authorities to intervene and secure his return.
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“Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said.”
“Gambaryan and Anjarwalla were taken into custody in Nigeria on Feb. 26, although neither was charged at the time with any crimes.”